Trade secretary Stephen Byers is reported as rejecting the idea of increasing the power of shareholders to vote individual director’s packages in favour of allowing them to vote only on overall company pay policy.
Fat cat bosses continue to hit the headlines, the latest being Barclays cheif executive Mike Barrett who is said to have received £1.3m for three months work at the bank.
The latest news coming from Byers is probably designed to avoid the government coming into conflict with the CBI and the Institute of Directors who have publicly said politicians should not be involved in setting individual director’s pay and opposed to allowing shareholders a vote.
However, many believe a vote is appropriate. Currently the only way of making a stand against pay levels is the so called ‘nuclear option’ of voting against an annual report or voting for the re-election of directors.
However the government is yet to finalise how it will change shareholders powers.
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